UK authorities probe IJM corporation over RM2.5 billion overseas assets

THE Malaysian Anti-Corruption Commission (MACC) has confirmed it is assisting UK authorities in an investigation into IJM Corporation, concerning allegations of corporate governance failings, irregular procurement processes, financial transactions, and overseas asset ownership estimated at RM2.5 billion.

Tan Sri Azam Baki, MACC Chief Commissioner, made the announcement at a press conference following the launch of the agency’s Cakna Rasuah: MACC with Media Eastern Zone programme at the Grand Riverview Hotel on Thursday.

“We received this information from the relevant authorities, namely the UK Serious Fraud Office. As a domestic agency responsible for investigating corruption, abuse of power, and financial crimes, we will assist the authorities in completing this process,” he said.

He added that the MACC had received formal requests from the UK authorities to carry out investigations into the case.

Local media reports indicate that the MACC has been conducting an inquiry into IJM Corporation, focusing on corporate governance, procurement practices, financial transactions, and ownership of foreign assets valued at approximately RM2.5 billion.

As part of the probe, investigators under Operation Heart have carried out inspections and searches at four separate locations, including the residences and offices of one of IJM Corporation’s senior management members.

“Simultaneously, the MACC has frozen 55 private and corporate bank accounts linked to the case, with a combined estimated total of approximately RM15.8 million. The investigation is also focusing on locating and seizing other assets suspected to have been acquired through money laundering activities,” Tan Sri Azam said.

The development underscores Malaysia’s commitment to international cooperation in combatting cross-border financial crime, as the MACC works in tandem with UK authorities to ensure accountability and transparency in corporate practices. - January 22, 2026